SHAHMIR: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SHAHMIR
Largest movements
- Receivables within one year +€26,515
new in 2025: €26,515
of which Trade receivables: +€15,807
- Stocks and contracts -€8,120
down €8,120 (-29.7%), from €27,296 to €19,176
- Tangible fixed assets -€5,049
down €5,049 (-31.7%), from €15,928 to €10,879
of which Plant, machinery and equipment: -€2,839
- Intangible fixed assets -€1,500
down €1,500 (-12.6%), from €11,873 to €10,373
- Cash +€1,197
up €1,197 (+99.1%), from €1,208 to €2,405
mainly Net result for the year (+€17,065) and Stocks and contracts (+€8,120)
- Profit (loss) carried forward +€17,065
up €17,065 (+233%), from €7,326 to €24,391
- Tax, wage and social debts -€6,786
no longer reported in 2025 (was €6,786)
of which Remuneration and social security: -€5,146
- Trade debts +€3,914
up €3,914 (+15.1%), from €25,992 to €29,907
- Accrued charges and deferred income -€1,150
no longer reported in 2025 (was €1,150)
- Staff costs -€14,063
down €14,063 (-25.0%), from €56,186 to €42,123
- Gross operating margin +€7,374
up €7,374 (+11.3%), from €65,029 to €72,403
- Financial charges +€2,402
up €2,402 (+905%), from €265 to €2,667
- Other operating charges +€1,937
up €1,937 (+501%), from €387 to €2,324
- Taxes +€1,623
new in 2025: €1,623
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €61,855 | €74,898 | +€13,043 | +21.1% |
| Fixed assets | 21/28 | €33,351 | €26,802 | -€6,549 | -19.6% |
| Intangible fixed assets | 21 | €11,873 | €10,373 | -€1,500 | -12.6% |
| Tangible fixed assets | 22/27 | €15,928 | €10,879 | -€5,049 | -31.7% |
| Plant, machinery and equipment | 23 | €13,077 | €10,237 | -€2,839 | -21.7% |
| Furniture and vehicles | 24 | €2,851 | €642 | -€2,209 | -77.5% |
| Financial fixed assets | 28 | €5,550 | €5,550 | = | 0.0% |
| Current assets | 29/58 | €28,504 | €48,096 | +€19,592 | +68.7% |
| Stocks and contracts in progress | 3 | €27,296 | €19,176 | -€8,120 | -29.7% |
| Stocks | 30/36 | €27,296 | €19,176 | -€8,120 | -29.7% |
| Amounts receivable within one year | 40/41 | - | €26,515 | +€26,515 | |
| Trade receivables | 40 | - | €15,807 | +€15,807 | |
| Other amounts receivable | 41 | - | €10,708 | +€10,708 | |
| Cash at bank and in hand | 54/58 | €1,208 | €2,405 | +€1,197 | +99.1% |
| Total equity and liabilities | 10/49 | €61,855 | €74,898 | +€13,043 | +21.1% |
| Equity | 10/15 | €17,326 | €34,391 | +€17,065 | +98.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,326 | €24,391 | +€17,065 | +233% |
| Amounts payable | 17/49 | €44,528 | €40,507 | -€4,022 | -9.0% |
| Amounts payable after more than one year | 17 | €10,600 | €10,600 | = | 0.0% |
| Financial debts | 170/4 | €10,600 | €10,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,778 | €29,907 | -€2,872 | -8.8% |
| Trade debts | 44 | €25,992 | €29,907 | +€3,914 | +15.1% |
| Suppliers | 440/4 | €25,992 | €29,907 | +€3,914 | +15.1% |
| Taxes, remuneration and social security | 45 | €6,786 | - | -€6,786 | |
| Taxes | 450/3 | €1,640 | - | -€1,640 | |
| Remuneration and social security | 454/9 | €5,146 | - | -€5,146 | |
| Accrued charges and deferred income | 492/3 | €1,150 | - | -€1,150 | |
| Remuneration, social security and pensions | 62 | €56,186 | €42,123 | -€14,063 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,264 | €6,601 | +€1,337 | +25.4% |
| Other operating charges | 640/8 | €387 | €2,324 | +€1,937 | +501% |
| Gross operating margin | 9900 | €65,029 | €72,403 | +€7,374 | +11.3% |
| Operating profit (loss) | 9901 | €3,192 | €21,354 | +€18,162 | +569% |
| Financial charges | 65/66B | €265 | €2,667 | +€2,402 | +905% |
| Recurring financial charges | 65 | €265 | €2,667 | +€2,402 | +905% |
| Profit (loss) for the period before taxes | 9903 | €2,927 | €18,687 | +€15,760 | +538% |
| Income taxes | 67/77 | - | €1,623 | +€1,623 | |
| Profit (loss) for the period | 9904 | €2,927 | €17,065 | +€14,137 | +483% |
| Profit (loss) for the period to be appropriated | 9905 | €2,927 | €17,065 | +€14,137 | +483% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.